Luby's has unveiled a new Fuddruckers format in the Houston market that it's calling the future of the brand. The 147-seat eatery includes three self-ordering stations and an open kitchen facing a bar with counter seating.

Fuddruckers owner Luby's will acquire the 23-unit Cheeseburger in Paradise chain of casual dining restaurants for $11 million. Houston-based Luby's acquired Fuddruckers for $63.5 million in 2010, and earlier this year opened the first co-branded Luby's/Fuddruckers restaurant in Pearland, Texas.

Houston-based restaurateurs and brothers Chris and Harris Pappas have personally guaranteed up to $13 million in Luby's debt as part of the company's deal to buy the bankrupt Fuddruckers, The Dallas Morning News reports. The pair own a 31% stake in Luby's, which more than doubled its line of credit to make the $63.45 million Fuddruckers purchase.

A U.S. bankruptcy court in Delaware has signed off on Luby's plan to acquire the assets of bankrupt burger chain Fuddruckers and its parent company for about $61 million. Magic Brands owns 60 Fuddruckers locations and three Koo-Koo-Roo eateries.

Cafeteria chain Luby's plans to pay about $61 million to acquire the assets of Fuddruckers and the burger chain's parent Magic Brands. The company was the high bidder in an auction for the 30-year-old chain, which filed for Chapter 11 protection in April. The deal, which still requires court approval, is likely to pay Fuddruckers' creditors in full, the company said.